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Crypto lending platform Nexo, says that its robust steadiness sheet means it may experience to the rescue to offer liquidity through the present market turmoil by buying the property of struggling crypto companies. In a weblog put up, Nexo introduced that it’s at present receiving recommendation from banking large Citigroup on how finest to accumulate the property of bancrupt crypto companies in order that traders can regain entry to blocked funds. Last week Antoni Trenchev, co-founder and managing accomplice at Nexo, advised Bloomberg that the present crypto crash reminds him of the Panic of 1907 — the place main Wall St establishments have been compelled to bail out different struggling companies. “This reminds me, quite frankly, of the 1907 bank panic where JP Morgan was forced to step in with his own funds and then rally all those guys that were solvent to fix the situation.”In the weblog put up Nexo boasted that it had all the time run a sustainable enterprise mannequin that didn’t have interaction in dangerous lending practices, in consequence it now occupies a place of “unmatched stability,” which means that it’s uniquely positioned to step into the breach to assist shore up struggling companies.“The crypto space is about to enter a phase of mass consolidation which has already begun with the remaining solvent players, like Nexo, expressing their readiness to acquire the assets of companies with solvency issues in order to supply immediate liquidity to their clients and relief to the entire industry.”The put up revealed that Nexo has already made contact with various struggling crypto companies in non-public, providing up alternative ways to offer liquidity help. On June 13, Nexo publicly introduced that it was ready to accumulate a few of Celsius’ excellent loans, following revelations that the guy lending platform was struggling a serious liquidity disaster. On the identical day Nexo’s native token, NEXO plunged practically 25%, falling to a brand new yearly low of $0.61 per token as fears of main DeFi contagion echoed by way of the market. Three days later, contagion fears have been reignited as funding agency 3 Arrows Capital (3AC) failed to satisfy margin calls — struggling a lack of $400M in liquidations throughout a number of positions. Nexo says it does not have any publicity to 3AC. Unlike many different embattled companies, Nexo has 100% liquidity to satisfy its $4.96 billion price of debt obligations, in line with U.S.-based audit agency Armanino. Related: Celsius’ disaster exposes issues of low liquidity in bear marketsSince the foremost drawdown on June 13, NEXO’s value has stabilised and is at present buying and selling for $0.65, in line with information from TradingView.

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Crypto lending platform Nexo, says that its robust steadiness sheet means it may experience to the rescue to offer liquidity through the present market turmoil by buying the property of struggling crypto companies. 

In a weblog put up, Nexo introduced that it’s at present receiving recommendation from banking large Citigroup on how finest to accumulate the property of bancrupt crypto companies in order that traders can regain entry to blocked funds.

Last week Antoni Trenchev, co-founder and managing accomplice at Nexo, advised Bloomberg that the present crypto crash reminds him of the Panic of 1907 — the place main Wall St establishments have been compelled to bail out different struggling companies.

“This reminds me, quite frankly, of the 1907 bank panic where JP Morgan was forced to step in with his own funds and then rally all those guys that were solvent to fix the situation.”

In the weblog put up Nexo boasted that it had all the time run a sustainable enterprise mannequin that didn’t have interaction in dangerous lending practices, in consequence it now occupies a place of “unmatched stability,” which means that it’s uniquely positioned to step into the breach to assist shore up struggling companies.

“The crypto space is about to enter a phase of mass consolidation which has already begun with the remaining solvent players, like Nexo, expressing their readiness to acquire the assets of companies with solvency issues in order to supply immediate liquidity to their clients and relief to the entire industry.”

The put up revealed that Nexo has already made contact with various struggling crypto companies in non-public, providing up alternative ways to offer liquidity help.

On June 13, Nexo publicly introduced that it was ready to accumulate a few of Celsius’ excellent loans, following revelations that the guy lending platform was struggling a serious liquidity disaster.

On the identical day Nexo’s native token, NEXO plunged practically 25%, falling to a brand new yearly low of $0.61 per token as fears of main DeFi contagion echoed by way of the market.

Three days later, contagion fears have been reignited as funding agency 3 Arrows Capital (3AC) failed to satisfy margin calls — struggling a lack of $400M in liquidations throughout a number of positions. Nexo says it does not have any publicity to 3AC.

Unlike many different embattled companies, Nexo has 100% liquidity to satisfy its $4.96 billion price of debt obligations, in line with U.S.-based audit agency Armanino.

Related: Celsius’ disaster exposes issues of low liquidity in bear markets

Since the foremost drawdown on June 13, NEXO’s value has stabilised and is at present buying and selling for $0.65, in line with information from TradingView.

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